FGN Bond still attracts strong interest from investors – DMO

The Federal Government of Nigeria Bond has continued to attract demands from investors, the Debt Management Office has said.

At the end of August 2019 FGN Bond Auction last week, the DMO issued N59.53bn FGN bonds for the three tenors offered to various investors who subscribed at the auction.

The DMO stated that it “offered N40bn for the five-year, N50bn for the 10-year and N55bn for the 30-year bonds. Total subscriptions received from both Competitive and Non-Competitive bids amounted to N139.58bn.”

It added that “demand for the 30-year bond remained strong as had been the trend since the instrument was introduced to the market in April 2019. The total subscription for the bond at the auction was N64.71bn.”

The strong demand from investors for the bonds offered at the auction, the DMO noted, was despite the prevailing tight liquidity experienced in the financial markets.

Allotments were made to successful bidders at the rate of 14.290 per cent for the five-year, 14.390 per cent for the 10-year and 14.590 per cent for the 30-year bonds.

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